Why Some Neighborhoods Sell Slower Than Other Comparable Neighborhoods

By
Real Estate Agent with Century 21 Manausa and Associates BK3009719
http://actvra.in/sdS

Piney Z home sales were down significantly in 2011, and a new "low" was hit with only 28 homes sold in 2011, down 10% from 2010. This means we have seen 8 straight declining years, something that I have not seen often from the rest of the Tallahassee real estate market.

Typically, when we see unit sales decline faster than the rest of the market, we are experiencing a Tallahassee neighborhood where home owners are “holding on” trying to find higher prices. This can work for a short period of times in a stronger market, but at some point, capitulation will kick-in and we'll see major price declines as Piney Z home sellers compete with each other for the declining buyers.

I suspect we will start to see homeowners begin to be overcome by the market momentum this year and home values will likely decline at a rapid rate.

This has happened in other areas of the Tallahassee real estate market when home sellers held onto their asking price while the rest of the market continued to decline. Don’t expect Piney Z home sales levels to return until home sellers begin to price their homes competitively with the rest of the homes for sale in Tallahassee.

Reminder: This Sunday is Super Bowl Sunday! Please check out the Century 21 Super Bowl Commercial in the third quarter and tell us what you think!

Map of Piney Z Home Sales

The following map shows Piney Z Home Sales for the past few years (you must view the map on the Tallahassee Real Estate Blog site). Just click on any red dot to see the details of the sale.

Map Of Piney Z Home Sales

Piney Z Home Prices

Piney Z Home Prices have dropped from a high average of $260K established in 2006, to the current level of $192K set last year (it's too early to establish a price point for 2012). This is a decline of 26% which is stronger than much of the rest of the Tallahassee housing market, but falling fast. The graph below shows unit sales (green for arms length, red for distressed sales) and average prices are plotted in brown.

Piney Z Home Prices

Piney Z Home Values

Piney Z home values have dropped even slower than prices, with the high in 2006 of $145 per square foot having dropped 23% to $111 per square foot in 2011. If I were a homeowner needing to sell a home in the next few years, I would sell it now and sell it fast. Value changes will catch up with the rest of Tallahassee, and this means that if you must sell a home in Piney Z, the highest value that you will receive over the next five to seven years is right now.

Piney Z Home Values

Piney Z Home Sales By Type

When we look at Piney Z home sales, segregated by property type, we see something a bit unusual... Last year, the average townhome in Piney Z sold for a bit higher than in previous years, while the average single family Piney Z home value plummeted. I think we'll see this trend (for town homes) reverse this year, as single family homes drop down close in price to single family homes.

Piney Z Home Sales By Type

 

 

Posted by


Joe Manausa, MBA
Century 21 Manausa & Associates

Subscribe To The Tallahassee Real Estate Newsletter
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Real Estate Market Trends
Location:
Florida Leon County Tallahassee Piney Z
Groups:
Almost Anything Goes
Market Reports
Posts to Localism
Realtors®
The Lounge at Active Rain
Tags:
home sales
piney z tallahassee
piney z plantation tallahassee fl
home sales piney z
homes for sale piney z

Comments 11 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the envelope to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
407,329
Michelle Francis
Realtor, Buckhead Atlanta Homes for Sale & Lease
Tim Francis Realty LLC

Joe, 

Love the break out information on the latest Piney Z data!  Impressive. 

All the best, Michelle

February 01, 2012 05:03 PM
Rainmaker
739,467
Joe Manausa
Tallahassee Real Estate
Century 21 Manausa and Associates

Thanks Erv, and absolutely. A diamond in the rough.

February 01, 2012 06:53 PM
Rainmaker
739,467
Joe Manausa
Tallahassee Real Estate
Century 21 Manausa and Associates

Doug, I think that is one part of this business that will never change ... our home is our castle.

February 01, 2012 06:54 PM
Rainmaker
509,033
Ed & Tracy Oliva
Arizona Agents
West USA Realty - Arizona

I think ever neighborhood is different. Even street by street can be different. Good Luck in your area wiht your listings and sales.   E

February 01, 2012 08:28 PM
Ambassador
1,516,891
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

Joe - We saw that in some of our higher priced neighborhoods for a while as those who could held on.

February 01, 2012 10:52 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
739,467

Joe Manausa

Tallahassee Real Estate
Looking for Tallahassee Real Estate?
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information